Ken:
Indeed, the irony of government is often lost on many. "No Child Left Behind," is a prime example, particularly when it means "No Child Can Build an Airplane." Whatever became of the Air Scouts? I seem to recall something akin to it in Oh Canada involving sail planes.
I have seen a llighting setup involving the landing gear in a triple tail. It involved installing lights in the aft cones of a wheel faring mod. As you say though, one of the most tempting yet destructive tricks played upon the minds of aircraft owners - especially restorers - is the near irresistable urge to focus on refinements that have nothing do do with flight. It begins with a dangerous thought: "While I have the airplane apart, I might as well...."
My advice FWIW, is to separate core matters from desirable ones. I'd define core issues as:
1. Corrosion
2. Control - pulles, cables, and the like.
3. Electrical - oh would we all love to be able to tear out that ancient wire, install fresh wiring, and setup a simple double buss system (the Cessna 172 is an excellent guide) with breakers arranged orderly and nary a fuse left.
4. VFR instruments. As you all know, this tends to be a plumbing mess and takes a Liliputian to work on. During restoration is perhaps the ONLY time to clean this stuff up. You mentioned electronic alternatives....more on that later.
Desirable:
1. Electric fuel pump. I have one but I've never HAD to use it. Oh, I use it to pump up the fuel pressure prior to the first start of the day, but the wobble pump works just fine. The thing is you CAN ADD IT LATER
2. Gear actuation. As you know, I've not been blessed with luck in this area. If you have a line on something (your electric gear system) it usually means you can find something that also needs to be rebuilt along with your airplane. IMO this moves from Desirable to Core if, say, you have a bad shoulder. If you've got crap for the original crank system....again this wanders into gray areas.
3. Panel Upgrades. When you do the rewiring, leave room, close it off with a panel plate, provide wiring tied off and hooked to a player-to-be-named-later circuit breaker, and move along.
4. Glass panels. Yes, to my abject astonishment I see that glass is STANDARD in the new Legend Cub. Non-fancy VFR glass, but GLASS in a CUB. The Garmin emergency gauge page is not a legal replacement for the basic VFR instruments.
That said that LCD cluster of engine instruments, seen for years on homebuilts, is approved for certificated aircraft...well...mostly. I'd make damned sure you can get them approved before I'd sub them.
Again I have no notion of the quality of that Franklin that has been stored for 20 years.
Merritt - alas, but it would take a combination of circumstances I cannot imagine to make our airplanes valued on the used market. Single engine retracts overall have lost value, especially Bananas, since 9/11 but it feels as if we're immune to both positive and negative larger market forces. Oy vey!
Lynn: John's driving? You, Lynn, had better be there regardless of means :wink:
Jonathan